Latest news with #UnitedStatesSteel
Yahoo
4 days ago
- Business
- Yahoo
US Steel's deadly Clairton plant blast caused by gas valve failure
(Reuters) -United States Steel said on Friday a fatal blast that killed two and injured 10 others at its Clairton Coke Works plant near Pittsburgh happened when flushing a gas valve, ahead of scheduled maintenance. "Pressure built inside the valve, leading to valve failure and coke oven gas filling the area and ultimately exploding when finding an ignition source," the company said. U.S. Steel added that the investigation into Monday's explosion is still in early stages and it will provide more information when possible. The Clairton Coke Works is the largest coke manufacturing facility in the United States, employing about 1,300 workers. It operates 10 coke oven batteries, which produce about 4.3 million tons of coke a year. Sign in to access your portfolio
Reuters
4 days ago
- Business
- Reuters
US Steel's deadly Clairton plant blast caused by gas valve failure
Aug 15 (Reuters) - United States Steel said on Friday a fatal blast that killed two and injured 10 others at its Clairton Coke Works plant near Pittsburgh happened when flushing a gas valve, ahead of scheduled maintenance. "Pressure built inside the valve, leading to valve failure and coke oven gas filling the area and ultimately exploding when finding an ignition source," the company said. U.S. Steel added that the investigation into Monday's explosion, opens new tab is still in early stages and it will provide more information when possible. The Clairton Coke Works is the largest coke manufacturing facility in the United States, employing about 1,300 workers. It operates 10 coke oven batteries, which produce about 4.3 million tons of coke a year.
Japan Times
02-08-2025
- Business
- Japan Times
Nippon Steel swings into quarterly loss
Nippon Steel has said that it registered a net loss in the April-June quarter, squeezed by a restructuring charge related to its acquisition of United States Steel. The Japanese steelmaker said Friday that it had posted a consolidated net loss of ¥195.8 billion for the fiscal first quarter, against the year-before profit of ¥157.5 billion. Nippon Steel's sales fell 8.3% to ¥2.01 trillion, while its business profit dropped 61.2% to ¥92 billion. The company booked a restructuring charge of about ¥230 billion related to the dissolution of a joint venture with ArcelorMittal, a step designed to allay competition concern over the takeover of U.S. Steel. The acquisition of U.S. Steel in June is expected to contribute to the Japanese steelmaker's earnings starting in July. For the year ending in March 2026, Nippon Steel expects record sales of ¥10 trillion. It raised its business profit forecast to ¥480 billion from ¥400 billion. Still, the company is braced for a net loss of ¥40 billion, compared with the previous projection of ¥200 billion in profit. Nippon Steel Vice Chairman Takahiro Mori told a news conference in Tokyo that the U.S. Steel takeover is set to boost profits by about ¥80 billion in the year. U.S. Steel will contribute about ¥250 billion to profits in the year ending in March 2029, following updates to production facilities, he said. "There will be a considerable effect just by transferring our technology" to U.S. Steel, he said. Nippon Steel also said it will take full control of Krosaki Harima, a subsidiary that manufactures refractory bricks.
Bloomberg
09-07-2025
- Business
- Bloomberg
Pentwater's Hedge Funds Soar 21% on Billion-Dollar US Steel Bet
Pentwater Capital Management 's hedge funds that wager on corporate events extended gains in June to deliver some of their best-ever six-month returns, helped by a mega bet on United States Steel Corp. 's tie-up with Nippon Steel Corp. Both Pentwater Event and Merger Arbitrage funds advanced more than 7% in June, bolstering returns for the first half to about 21%, according to people with knowledge of the matter. Positions including in US Steel, Avis Budget Group Inc. and government-backed Fannie Mae and Freddie Mac added to the gains, the people said, asking not to be identified because the details are private.
Reuters
03-07-2025
- Business
- Reuters
Nippon Steel deal reveals cost of ‘America First': podcast
Follow on Apple or Spotify. Listen on the Reuters app. The Japanese steelmaker pushed its $14.9 bln bid for United States Steel past the line with some big concessions. In this Viewsroom podcast, Breakingviews columnists debate the golden share it handed to the US government and what this means for others eyeing stateside expansion. Follow Aimee Donnellan on LinkedIn. (The host is a Reuters Breakingviews columnist. The opinions expressed are her own.) FURTHER READING Nippon Steel's US win sets bad Japan M&A precedent Muddled US meddling grinds factory gears US Steel now all about striking while iron is hot Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit to opt-out of targeted advertising.
